The State Bank of Viet Nam (SBV) on Thursday issued a decision approving the purchase, sale and transfer of all contributed capital of Prudential Holborn Life Limited at Prudential Vietnam Finance Company Limited to Shinhan Card Co Ltd.

Within three months from the date of the decision (No. 90/QD-NHNN), the parties involved must complete the transaction. After the deadline, if the deal is not complete, the decision will automatically expire.

Prudential Vietnam Finance Company Limited is responsible for reporting to the SBV on the results of the transfer within five working days of its completion.

In January 2018, Shinhan Card Co, a credit card business unit of the Republic of Korea’s Shinhan Financial Group, signed a contract to acquire a full stake in Prudential Vietnam Finance Company Limited (PVFC) for 161.4 billion South Korean won (US$150.7 million).

Shinhan Card expects the acquisition to expand its business scope in Viet Nam and attract customers to Shinhan Bank Vietnam.

Established in 2007, the United Kingdom-based financial services group Prudential Holborn Life’s Prudential Finance is the first foreign non-bank financial institution licensed for consumer finance lending in Viet Nam. Today, it is the fourth largest consumer finance company in the country by outstanding loan balance. — VNS